(Bloomberg) -- Zurich Insurance Group AG fell to the lowest in more than three years after Switzerland’s biggest insurer put shareholders on notice that it expects a second straight quarterly loss in its general insurance business.
Operating losses in the non-life unit will probably amount to about $100 million for the last three months of 2015, the company said in a statement Wednesday. That reflects an estimated $275 million in claims from three storms that flooded thousands of homes in northern England, Scotland and Ireland in December.
The disaster came at a difficult time for Zurich, one of the world’s largest insurance companies with some 55,000 employees. The company is searching for a successor to Martin Senn, who resigned as chief executive officer after the non-life unit posted a third-quarter loss of $183 million. That forced Zurich to abandon a high-profile takeover bid for RSA Insurance Plc. and prompted an overhaul of general insurance.
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